!OBAC UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07687209 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

!OBAC UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J R Lawson-Brown

I Spreadborough

P Woolvine

REGISTERED OFFICE:

Unit 9, Berry Court Farm

Bramley Road

Little London

Tadley

Hampshire

RG26 5AT

REGISTERED NUMBER:

07687209 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Ambrose FCCA FCA

AUDITORS:

Howard Lee, Fellows & Co

Chartered Accountants and Statutory Auditor

92 Park Street

Camberley

Surrey

GU15 3NY

FIXED ASSETS

Intangible assets

4

2,690

4,945

Tangible assets

5

2,862

4,588

5,552

9,533

CURRENT ASSETS

Debtors

6

10,021

6,422

Cash at bank

1,234,399

97,019

1,244,420

103,441

CREDITORS

Amounts falling due within one year

7

(5,028,515

)

(3,620,462

)

NET CURRENT LIABILITIES

(3,784,095

)

(3,517,021

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,778,543

)

(3,507,488

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(3,778,643

)

(3,507,588

)

(3,778,543

)

(3,507,488

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 September 2019 and were signed on its behalf by:

P Woolvine - Director

1.	STATUTORY INFORMATION

!OBAC UK Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

The website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Taxation

Taxation for the year comprises current tax. Tax is recognised in the income statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current tax assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Operating leases

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the income statement in the period to which they relate.

Going concern

As at 31 December 2018 the company had net liabilities. The directors are nevertheless of the opinion that the

going concern basis of accounting remains appropriate, and that the company will continue to operate effectively

for the foreseeable future, owing in part to the continued financial support of the existing shareholders. The

directors are also confident of bringing the company's product effectively to market in the near future to generate

positive working capital, and have secured substantial investment to fund the commercialisation of !OBAC's

technologies.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the

dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in

foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on

translation are included in the income statement for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

10,800

AMORTISATION

At 1 January 2018

5,855

Charge for year

2,255

At 31 December 2018

8,110

NET BOOK VALUE

At 31 December 2018

2,690

At 31 December 2017

4,945

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2018

7,555

Additions

217

At 31 December 2018

7,772

DEPRECIATION

At 1 January 2018

2,967

Charge for year

1,943

At 31 December 2018

4,910

NET BOOK VALUE

At 31 December 2018

2,862

At 31 December 2017

4,588

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

245

340

VAT

9,776

2,831

Prepayments

-

3,251

10,021

6,422

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans

-

127,264

Trade creditors

42,812

4,488

Amounts owed to group undertakings

4,971,193

3,470,315

Social security and other taxes

6,491

10,000

Other creditors

5,074

1,988

Accruals

2,945

6,407

5,028,515

3,620,462

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

570

570

9.	SECURED DEBTS

There is a debenture in place in favour of the company's bank comprising fixed and floating charges over all the

assets and undertakings of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Howard Lee, Fellows & Co

11.	PARENT COMPANY

The parent company of the smallest group of which !OBAC UK Limited is a member which prepares consolidated

accounts is !OBAC Limited, a company registered at 1st and 2nd Floors, Elizabeth House, Les Rueties Brayes, St

Peter Port, Guernsey, GY1 1EW.